More auction stuff....

These seem like some nice properties. 45 White Cliffs Lane looks really interesting. If I had fewer SoWal properties and more cash, I'd take a shot at some of these.

I agree. I wonder if the owners have to liquidate or if they are just testing the auction method waters for pricing....

It looks like 45 White Cliffs Lane is going at an "absolute" auction. Supposedly, they have agreed to accept whatever is bid. I'd like to attend, just to watch, but our grandson's birthday party is more important. Besides, I wouldn't want to do anything that would get me into trouble -- like buy another property.

Received a post card and an auction catalog for this upcoming weekend.
Anderson Auctions

So the listings of the "absolute auctions" with auction dates of March 11, without the sold banner across them, had zero bidders??? Why doesn't Ben (Anderson) post the sales and the prices in the MLS? He is a member of ECAR?

So the listings of the "absolute auctions" with auction dates of March 11, without the sold banner across them, had zero bidders??? Why doesn't Ben (Anderson) post the sales and the prices in the MLS? He is a member of ECAR?

So what's up with that? Do the absolute auctions have a reserve price? I can't believe that somebody wouldn't bid $1000 and buy that place. Don't understand the rules or terminology I guess. Gonna have to go to one and check out. Is this the one that holds them at the property site?

So what's up with that? Do the absolute auctions have a reserve price? I can't believe that somebody wouldn't bid $1000 and buy that place. Don't understand the rules or terminology I guess. Gonna have to go to one and check out. Is this the one that holds them at the property site?

Cork, for all I know, they did sell, but it is interesting to me that some of the properties have a sold banner and others do not. I guess the back up plan is that if someone's bid isn't high enough for the seller, the seller would simply bid on his own property and take a hit on closing costs and fees?

Cork, for all I know, they did sell, but it is interesting to me that some of the properties have a sold banner and others do not. I guess the back up plan is that if someone's bid isn't high enough for the seller, the seller would simply bid on his own property and take a hit on closing costs and fees?

Yea, after your post, I also saw the sold banners and thought how could it not be sold if it was "absolute" which apparently doesn't mean what I thought it did. I thought it was like on ebay with "no reserve" . Definitely have to learn a little more about the process.

What did that White Cliffs house sell for? Anyone know?

What did that White Cliffs house sell for? Anyone know?

Nothing Pending, Contingent or Sold in the MLS (I thought they said they input into the MLS) and nothing in the County records yet either so I guess you had to be there.

I know that you are all much more knowledgable than I about these matters but we really did just sell a condo in Seagrove and we did just fine, we had owned for six years and we are going to hold on to other properties there. Perhaps I am just reading this board incorrectly?

I know that you are all much more knowledgable than I about these matters but we really did just sell a condo in Seagrove and we did just fine, we had owned for six years and we are going to hold on to other properties there. Perhaps I am just reading this board incorrectly?

Hi njackie,

Did you sell it at auction?

OH NO! Once again I am on the wrong thread! Sheesh! Listed with one very nice realtor, and another VERY nice realtor sold the listing. Very professional!

Cork, for all I know, they did sell, but it is interesting to me that some of the properties have a sold banner and others do not. I guess the back up plan is that if someone's bid isn't high enough for the seller, the seller would simply bid on his own property and take a hit on closing costs and fees?

Joe & Cork,

The "Sold" or "Under Contract" banner really doesn't mean anything with our company. Sometimes we put'em up, sometimes we don't. Might just be whether or not we have them with us.

There is no "back-up" plan. The market will protect itself. With respect to an "Absolute Auction", by Florida law a property advertised as "Absolute" MUST change hands. In addition to that, the seller, or seller's representative is NOT allowed to bid on their own property. It's illegal, and we will not allow it.

The exception to this (and it's not really an exception for reasons noted below) is the disolution of a partnership. Individual partners may bid in their own interest , but not in the interest of the partnership. If they are the successful bidder they must close. Individual partner bidding is permitted because this process is often used to establish fair market value among partners (business, marriage, etc.) who disagree about the values of various assets. Often when this happens all partners are outbid by non-partners. Everyone wins. Former partners get their money (divided accordingly) and someone else is happy with their auction purchase!

Hope this helps!

Highbidder, thanks, that does answer some of my questions. My big question still remains regarding the lack of the sold banner. This is not a physical banner. The absent banner is on their website. For example look at 9539 Monaco Circle Navarre, FL 32566 which was selling absolute auction. It does not indicate that it is sold. However, the next listing also features "absolute auction," yet it states, "sold." Here is the link.

From Anderson's website, some of the benefits of auction , which are not exactly true when the properties do not sell (like most of the recent auctions), are:
-The Auction process allows you to liquidate your real estate
- The Auction process lets the seller know that the property will be sold at true market value
- Auctions Accelerate the sale of your property
- The seller knows exactly when the property will sell


:scratch:

So did the White Cliffs house sell at auction or not? What was the price?

So did the White Cliffs house sell at auction or not? What was the price?

This was taken from the website.

One of the first Roebuck Auctions featured properties to sell, a home on White Cliff Road, sold absolute.

http://www.roebuckauctions.com/news_detail.php?id=3985

No other details were given.

Just how accurate their website may be is unknown to me, but they feature 3 properties from the April 1 auction as being sold. There were reported to have been 19 properties being auctioned that day by Roebuck.

From their press release, "Even though every property was not sold, the sale itself was considered very successful."

I am glad to see that a few properties sold, but if they call that "successful" after bragging that one of the benefits is to know that your property will sell on that day, they have a skewed sense of success. That is a success for 16 percent of the customers, and a failure for 84 % of their customers. I don't get it.

If you are a "seller " at an auction and it doesn't sell do you still have out of pocket expenses to the auction company? If so how much? Thanks.

If you are a "seller " at an auction and it doesn't sell do you still have out of pocket expenses to the auction company? If so how much? Thanks.

Good question, ecopal. I think I have asked it before, but maybe I just assumed that the seller would have to pay the advertising expenses and some other handling fee. However, that may not be the case, since it is not typical when you list a property with most Realtors. The Realtor absorbs the costs.

Maybe I should start charging advertising fees for properties which expire before selling.

I spoke with the people at Roebuck Auctions and they insist that there are no out of pocket expenses for the seller. The buyer pays all.

What if the property doesn't sell at the auction and there is no buyer?

They said nothing lost, nothing gained.

Sounded a little "too good to be true" to me, but I dunno

I spoke with Roebuck Auctions and they told me that the seller paid for the advertising which could be up to $10,000!!! The buyers pays for the commission...

If the sale price shows up will you let us know SJ? Thanks.